Firms can create value by
A) creating a brand name.
B) by offering guarantees.
C) by offering warranties.
D) all of these choices.
D
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The outcome of regulating a natural monopoly using the marginal cost pricing rule is
A) that the firm makes a normal profit. B) that the firm maximizes its profit. C) that consumer surplus is less than what it would be if the firm maximized its profit. D) an efficient level of production. E) that the firm makes an economic profit.
In economics, interpersonal comparisons of utility
a. are widely accepted as useful and accurate to determine market demand b. are widely accepted as useful and accurate to determine consumer surplus c. can be measured accurately by using the hypothetical unit of utils d. are generally avoided because we cannot compare with complete confidence the utility one person derives from a dollar to the utility another person derives from adollar e. are widely accepted as useful and accurate because consumers have similar utility preferences